IMARC Group’s latest report, titled “Plant-based Seafood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the plant-based seafood market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global plant-based seafood market size reached US$ 62.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 308.3 Million by 2028, exhibiting a growth rate (CAGR) of 29.3% during 2023-2028.
Plant-based Seafood Market Overview:
Plant-based seafood is a vegan alternative of regular seafood that is prepared from plant-based ingredients. It is specifically designed to mimic the texture, taste, and appearance of seafood. It is produced from a variety of plant-based ingredients, such as wheat gluten, soy protein, pea protein, algae, and mushrooms. These ingredients are combined with spices and flavorings to create a product that looks, smells, and tastes similar to traditional seafood. It does not use animal products or by-products in its preparation. The demand for plant-based seafood has escalated as it generally contains more vitamins, minerals, and healthy fats than seafood.
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Global Plant-based Seafood Market Trends:
The rising health consciousness among the masses majorly drives the global market. This can be supported by the growing prevalence of chronic lifestyle diseases, including diabetes, chronic obstructive pulmonary diseases (COPD), osteoporosis, obesity, hypertension, asthma, and cardiovascular diseases, due to the sedentary lifestyles and the busy schedules of individuals. Coupled with this, plant-based seafood is cholesterol-free and a rich source of dietary vitamins, fiber and minerals, making it a healthier choice among the health-conscious population.
Along with this, the growing environmental concerns among individuals have led to a considerable rise in the consumption of sustainable food and beverage products, which is impacting the market favorably. Besides this, consumers are more inclined toward incorporating sustainable alternatives to traditional seafood in their diet due to the growing awareness regarding the adverse effects of fishing or aquatic farming on the marine ecosystem. Moreover, several innovations in ready-to-eat, frozen, and canned product variants are creating a positive market outlook.
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Key Market Segmentation:
Breakup by Product Type:
- Fish Products
- Prawn & Shrimp Products
- Crab Products
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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